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Meriti Ekorren Global share class B fell by -0.21 percent during August and during the year the fund has thus risen by +1.24 percent, a development that is +3.6 percentage points better than the fund's benchmark index (-2.41 percent). Since the fund's launch on December 4, 2023, the increase in value amounts to +35.1 percent, a result that is +8.6 percentage points stronger than the fund's benchmark index.
During August, US stocks, as measured by the S&P 500 Index, rose by 2.0 percent and European stocks, as measured by the S&P Europe 350 Index, rose by +1.1 percent. Japanese stocks were the month's winner with an increase of +4.5 percent. However, the USD weakened by -3.4 percent against SEK, which meant that global stocks in SEK fell in value during the month.
Federal Reserve Chairman Jerome Powell, who has come under pressure from President Trump to cut interest rates, signaled in his speech at Jackson Hole that a September rate cut is possible, but also highlighted the risks of persistent inflation. Market participants currently see an 85 percent chance of a rate cut this month, but questions about the central bank's independence have increased uncertainty about the path of interest rates and the bank's ability to credibly combat inflation.
In Europe, the French Prime Minister risks losing a confidence vote on September 8th regarding the government's budget cuts, which increases the risks for European stocks and for long-term French government bonds (OATs), whose yields are now near their highest levels since 2011. A fall for the minority government could lead to President Macron either appointing a new prime minister or calling new elections.
For the fund, the month's largest sector-level increase was in the Pharmaceuticals, Biotechnology and Life Sciences, Technology Hardware & Equipment and Insurance sectors. Correspondingly, the largest decrease was in Transportation, Capital Goods and Food Beverage & Tobacco.